The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-01
the FINANCIAL YEAR.
Strong Showing Of Local Banks
Heavy Increase In All Departments
Of Their Business.
The Clearing House Report Shsws
IN Immense Business.
An Iscrsase of Nearly Twenty n III
fsns In Clcarfsgs over Last
Year A splendid
shevinG.
Strong Showing Of Local Banks

acted, and increased banking facili-
ties were developed, The Bank Of
Commerce, early in the season, in.
creased its capital stock to 900, 600
and the German Bank also increased
its capital stock to 100000. The
Memphis National Bank was organ
lied with a capital Of $500, 900, and
during the present month the Mem
phis City Fire and General Insur-
ance Company started in banking
business with q paid up capital Of
$4,000. Memphis has now eleven
strong banks, including three savings
banks, as follows: Bank Of Com
merce, German Bank, Fir National
Bank. State National Bank, Union
and Planters Bank, Mercantile
Bank, Memphis City Fire and Gen
eral Insurance Company, Manhattan
Savings Bank and Trust Company
Security Savings Bank and Trust
Company, and the Mechanics Say.
ings Bank.
Last year there were seven banks
included in the annual report, and
this year there are ten, not including
the Memphis City Fire and General
Insurance Company, which wound up
its insurance business and engaged
in banking business under the old
charter, with the same officers, about
the middle OF August. The average
capital and surplus published In the
report OF last September amounted
TO 81, 1872 239. 0I; this year the amount
is $2,9i7,774. Average deposits last
year, $i,l27 400; this year, 80, 49,
$50. Average loans and discounts
last year, A,43l ,9l3; this year
$3.50, 1894. The report shows a very
large increase in the business wealth
Of the city.
The Clearing House report shows
q still more gratifying exhibit for the
fiscal year ending August 3lst. The
clearings amounted 10 81, 2il 1876 SO,
against 74,770,07l 81 in 1896, S65,.
Gas. 305 l4in 1885, and 81, 2S7 ,039 81
10 1884, an increase OF sl9, Al ,I23 "a
over the clearings OF last year, and
an increase Of $2S,603, 100 ~ over
1884.
The financial condition OF Mem
phis was never better than at pres
ent. The banks, insurance compa.
mics and other monied corporations
are prosperous, and money invested
in mercantile or manufacturing bust.
ness, as we'll as in other branches, has
yielded good results. During the
past season the banks have been OK.
ceedingly liberal in making advances
TO merchants, who. in turn, we're as
equally liberal in advancing 10 coun.
try merchants aud planters. The
money market during the year has
been very steady. loanable funds be-
ing plentiful, even when Memphis
had 4 stock OF cotton on hand OF over
80 900 bales 10 December last, fac.
tors being unwilling 10 sell at the
ruling figures. Although this caused
some little tightness in the money
market for a time, good paper was
eaaly negotiable OF current rates
G 10 3 per cent. The trade in local
bonds, stocks and other securities in
creased rapidly during tho year, ow-
ing 10 the establishment Of a stock
call board by the Merchants Tx.
change. This cave local securities q
fixed value, which result was most
advantageous TO both sellers aud
buyers.
On the subject OF local securities, q
recent circular issued by the Man
haitian Savings Bank gives the inior'
nation that during the past sixty
days there has been = marked de-
cline in speculative securities, Oh,
decline in investment bonds boinG
less marked. The only local Sc
curitics which escaped the declines
were one or two bank stocks, Shelby
county bonds, cotton press stock
Memphis brick stock, and James a
Graham wagon stock; aud just nov
the market is dull. almost nomina
aud heavy, bnt little movement hay
ing occurred during the past tvs
months. Notwithstanding all this
prices Of our local investment 50
eurities appear attractive enough
aud people with funds for inycstmcn
purposes would probably 6od this
good time 10 buy. The prudent In
weston who buys that which he know
TO be good, who pays for what h,
buys aud locks up his ouflties
views with complacency the decline
in speculative securities. He 70
ceiyes q satisfactory return, aud n,
one can force him 10 sell his holding
Not 30 with the Spectator who buy
10 unload at an advance, who buy
and places his purchase in loal
with his bank or banker at a smAl
margin, being unable TO pay for Il
The present dull condition OF tn
stock market has been, 10 n grea
extent, caused by oyortnding, tn
active competition between our loca
banks making rates OF discoun
some two month sago upjustifabl
low, thereby encouraging customer
10 engage In operations outside O
their regular business. Thea Their,
were a multiplication Of new securi
ties in all the leading markets and
large speculation ia products. Wit
the coming movement aud marketin
Of our crops aud the continued pur
chase OF bonds by the United State
Treasury, money will gradually cas-,
and then the reaction will be
healthy one. Our local condition
are favorable 10 successful bushes
season. Crop prospects are salts
factory, our trade is enlarging con
tinually, outside capital looks thi
way, aud everything tends towar,
creating a feeling OF tho creates
confidence In the future.
The bank statement aud Cloarin
House report published below vii
be found OF interest 10 business mou
because they show a most prosperou
condition in monetary affairs and
steady and rapid increase OF thI
wealth OF the city.